The Cabinet of Ministers on 21 May 2011 adopted a Resolution «On measures to further develop and streamline the leasing industry in the Republic of Uzbekistan».
The document was developed in accordance with the Presidential Decree of 26 November 2010 «On priorities for further reforming and improving stability of the financial and banking sector of the republic in 2011-2015 and achieving high international rating indicators».
It aims to stimulate leasing activities, strengthen financial market infrastructure and increase competitiveness among non-banking financial institutions.
The Cabinet of Ministers has decided to empower the Ministry of Finance an authorized agency for coordination of entities providing leasing services.
The Finance Ministry will develop regulatory framework and national standards in the provision of leasing services, collection of information and analysis of the leasing market. The ministry will also formulate proposals for reforming the leasing sector based on international norms and standards, developing and improving the legislation of the Republic of Uzbekistan in the provision of leasing services.
A special sector with two staff units will be created within the Ministry of Finance to coordinate leasing activities.
The resolution establishes that the collection and analysis of leasing information will be carried out by the ministry based on data provided by the statistical authorities.
The State Statistics Committee and the Ministry of Finance are requested to review and, if necessary, to develop statistical reports on leasing activities of economic entities.
The Ministry of Finance jointly with the Association of Lessors of Uzbekistan, the Central Bank, the Ministry of Justice and other concerned agencies were given one month to formulate and submit to the Cabinet of Ministers proposals on amendments and additions to legislation arising from this decision.